- Email: [email protected]
Succeeding as a new dentist
FEATURES
A BETTER PRACTICE
Succeeding as a new dentist Roger P. Levin, DDS
Q
I AM A NEW DENTIST, AND I AM WONDERING ABOUT MY CHANCES FOR SUCCESS. I HAVE HEARD THAT MANY DENTAL PRACTICES HAVE BEEN STRUGGLING.
A
Dentistry is an outstanding profession, and every dentist has the ability to have a successful career. The last five years, however, have been a challenging time for most dentists, as well as the dental profession on the whole. The American Dental Association (ADA) recently released “A Profession in Transition: Key Forces Reshaping the Dental Landscape,”1 an in-depth report that documents the changes affecting dentistry. Critical findings from the report include the following: dfewer working-aged adults are visiting the dentist; dfinancial barriers to dental care are affecting most patients; dtwo of five dentists indicate they are not busy enough; ddental insurance benefits are likely to decline, resulting in fewer adult patients; dthe number of larger, multidentist 290
JADA 145(3)
http://jada.ada.org
practices, including dental service organizations, will continue to increase; dyounger adults are less likely to visit the dentist than are their parents, and they are prone to shop for dental care, as they view it as a commodity. WHAT DO THESE CHANGES MEAN FOR THE NEW DENTIST?
The evolving dental landscape requires all dentists—both new and established—to have greater knowledge about the business of dentistry. In the past, that degree of knowledge was not required. Most dental practices grew steadily each year, and dentists enjoyed high professional satisfaction and earned a reasonable income, while delivering quality care to a stable base of patients. Today, dentists face new economic realities, as detailed in the ADA’s report.1 These realities mean that dentists must develop the appropriate chief executive officer (CEO) and leadership skills to operate a successful dental practice. One advantage that younger dentists possess is that they have fewer habits to change than do more established dentists. By realizing the March 2014
importance of dental business operations, new dentists can get off to a good start as practice owners and begin building successful careers. I recommend that new dentists take the following steps to help increase their business knowledge and skills. Learn as much as possible about the business of dentistry. Clinical expertise is required to graduate from dental school, but those skills do not guarantee that a dentist’s practice will be successful. Today, dentists must be both master clinicians and capable CEOs. Fortunately, the opportunities for business education are numerous and include online classes, books, articles, seminars and programs sponsored by dental organizations. Young dentists who avail themselves of these opportunities will be in a good position to navigate the changing dental landscape throughout their careers. View the practice as both a place to provide dental care and as a business. Providing patients excellent oral health care is the top clinical priority for dentists. However, that can only be accomplished when the practice is a financially healthy enterprise. In the past, many
FEATURES
dentists were hesitant to perceive their practices as businesses, but this mentality is changing in the face of new economic realities. As dentistry continues to evolve, more dentists are recognizing that they need to view their practices as both providers of oral health care and dental businesses. To run the most effective dental businesses, new dentists must implement strong management and marketing systems, including scheduling, case presentation, collections and customer service. Seek the advice of outside experts at the appropriate time. Dentists often have a do-it-yourself mentality when it comes to running their practices. Learning to run a dental business by trial and error can be an expensive proposition. Mistakes that are made early in a career and left uncorrected can have a devastating impact on a new dentist’s ability to grow his or her practice. New dentists should turn to experts, such as accountants, financial planners, lawyers and management consultants, at the appropriate times during their careers. Just as dentists have spent years learning dentistry, outside experts have done the same in their particular fields, and their knowledge can be beneficial to dentists.
Become an active dental organization member. Dental organizations offer a wealth of learning opportunities, including classes, workshops and seminars. For example, many state dental associations host guest speakers at their annual meetings and provide educational training on a variety of clinical and nonclinical subjects. Often, dentists who belong to dental organizations do not participate fully and, thus, miss out on critical learning opportunities. Have a strong community presence. Young dentists should become members of local business organizations, such as the Chamber of Commerce. These types of groups support the mutual concerns of local businesses and serve as forums for sharing ideas about improving the community. In addition, sponsoring youth sports teams and scouting organizations can be an effective way to build goodwill in the community. Be a lifelong learner. Dentistry will continue to change. Just as dentists are required to update their clinical knowledge each year, young dentists should continue to learn about the business of dentistry throughout their careers. By becoming better-educated CEOs of their practices, dentists can adapt more
JADA 145(3)
effectively to an evolving business environment. CONCLUSION
Dentistry is one of the most favorably reviewed desired professions in the country,2 but it is in a state of transition. Owing to the changes that are documented in the ADA’s report,1 operating a successful dental practice requires that dentists have more business knowledge than they did in the past. By making business education a priority, young dentists have an excellent opportunity to enjoy long and prosperous careers in dentistry. ■ doi:10.14219/jada.2014.6 Dr. Levin is founder and chief executive officer, Levin Group, 10 New Plant Court, Owings Mills, Md. 21117, e-mail [email protected]. Address correspondence to Dr. Levin. Disclosure. Dr. Levin was a member of the American Dental Association’s Strategic Planning Committee, a group of external professionals who provided input for the report “A Profession in Transition: Key Forces Reshaping the Dental Landscape.” The views expressed are those of the author and do not necessarily reflect the opinions or official policies of the American Dental Association. 1. A Profession in Transition: Key Forces Reshaping the Dental Landscape. Chicago: ADA Health Policy Resources Center; 2013. 2. Gallup Politics. poll published 12/3/2012. Congress Retains Low Honesty Rating: Nurses Have Highest Honesty Rating; Car Salespeople, Lowest. www.gallup.com/poll/159035/congress-retainslow-honesty-rating.aspx. Accessed Jan. 23, 2014.
http://jada.ada.org
March 2014
291
A BETTER PRACTICE
Succeeding as a new dentist Roger P. Levin, DDS
Q
I AM A NEW DENTIST, AND I AM WONDERING ABOUT MY CHANCES FOR SUCCESS. I HAVE HEARD THAT MANY DENTAL PRACTICES HAVE BEEN STRUGGLING.
A
Dentistry is an outstanding profession, and every dentist has the ability to have a successful career. The last five years, however, have been a challenging time for most dentists, as well as the dental profession on the whole. The American Dental Association (ADA) recently released “A Profession in Transition: Key Forces Reshaping the Dental Landscape,”1 an in-depth report that documents the changes affecting dentistry. Critical findings from the report include the following: dfewer working-aged adults are visiting the dentist; dfinancial barriers to dental care are affecting most patients; dtwo of five dentists indicate they are not busy enough; ddental insurance benefits are likely to decline, resulting in fewer adult patients; dthe number of larger, multidentist 290
JADA 145(3)
http://jada.ada.org
practices, including dental service organizations, will continue to increase; dyounger adults are less likely to visit the dentist than are their parents, and they are prone to shop for dental care, as they view it as a commodity. WHAT DO THESE CHANGES MEAN FOR THE NEW DENTIST?
The evolving dental landscape requires all dentists—both new and established—to have greater knowledge about the business of dentistry. In the past, that degree of knowledge was not required. Most dental practices grew steadily each year, and dentists enjoyed high professional satisfaction and earned a reasonable income, while delivering quality care to a stable base of patients. Today, dentists face new economic realities, as detailed in the ADA’s report.1 These realities mean that dentists must develop the appropriate chief executive officer (CEO) and leadership skills to operate a successful dental practice. One advantage that younger dentists possess is that they have fewer habits to change than do more established dentists. By realizing the March 2014
importance of dental business operations, new dentists can get off to a good start as practice owners and begin building successful careers. I recommend that new dentists take the following steps to help increase their business knowledge and skills. Learn as much as possible about the business of dentistry. Clinical expertise is required to graduate from dental school, but those skills do not guarantee that a dentist’s practice will be successful. Today, dentists must be both master clinicians and capable CEOs. Fortunately, the opportunities for business education are numerous and include online classes, books, articles, seminars and programs sponsored by dental organizations. Young dentists who avail themselves of these opportunities will be in a good position to navigate the changing dental landscape throughout their careers. View the practice as both a place to provide dental care and as a business. Providing patients excellent oral health care is the top clinical priority for dentists. However, that can only be accomplished when the practice is a financially healthy enterprise. In the past, many
FEATURES
dentists were hesitant to perceive their practices as businesses, but this mentality is changing in the face of new economic realities. As dentistry continues to evolve, more dentists are recognizing that they need to view their practices as both providers of oral health care and dental businesses. To run the most effective dental businesses, new dentists must implement strong management and marketing systems, including scheduling, case presentation, collections and customer service. Seek the advice of outside experts at the appropriate time. Dentists often have a do-it-yourself mentality when it comes to running their practices. Learning to run a dental business by trial and error can be an expensive proposition. Mistakes that are made early in a career and left uncorrected can have a devastating impact on a new dentist’s ability to grow his or her practice. New dentists should turn to experts, such as accountants, financial planners, lawyers and management consultants, at the appropriate times during their careers. Just as dentists have spent years learning dentistry, outside experts have done the same in their particular fields, and their knowledge can be beneficial to dentists.
Become an active dental organization member. Dental organizations offer a wealth of learning opportunities, including classes, workshops and seminars. For example, many state dental associations host guest speakers at their annual meetings and provide educational training on a variety of clinical and nonclinical subjects. Often, dentists who belong to dental organizations do not participate fully and, thus, miss out on critical learning opportunities. Have a strong community presence. Young dentists should become members of local business organizations, such as the Chamber of Commerce. These types of groups support the mutual concerns of local businesses and serve as forums for sharing ideas about improving the community. In addition, sponsoring youth sports teams and scouting organizations can be an effective way to build goodwill in the community. Be a lifelong learner. Dentistry will continue to change. Just as dentists are required to update their clinical knowledge each year, young dentists should continue to learn about the business of dentistry throughout their careers. By becoming better-educated CEOs of their practices, dentists can adapt more
JADA 145(3)
effectively to an evolving business environment. CONCLUSION
Dentistry is one of the most favorably reviewed desired professions in the country,2 but it is in a state of transition. Owing to the changes that are documented in the ADA’s report,1 operating a successful dental practice requires that dentists have more business knowledge than they did in the past. By making business education a priority, young dentists have an excellent opportunity to enjoy long and prosperous careers in dentistry. ■ doi:10.14219/jada.2014.6 Dr. Levin is founder and chief executive officer, Levin Group, 10 New Plant Court, Owings Mills, Md. 21117, e-mail [email protected]. Address correspondence to Dr. Levin. Disclosure. Dr. Levin was a member of the American Dental Association’s Strategic Planning Committee, a group of external professionals who provided input for the report “A Profession in Transition: Key Forces Reshaping the Dental Landscape.” The views expressed are those of the author and do not necessarily reflect the opinions or official policies of the American Dental Association. 1. A Profession in Transition: Key Forces Reshaping the Dental Landscape. Chicago: ADA Health Policy Resources Center; 2013. 2. Gallup Politics. poll published 12/3/2012. Congress Retains Low Honesty Rating: Nurses Have Highest Honesty Rating; Car Salespeople, Lowest. www.gallup.com/poll/159035/congress-retainslow-honesty-rating.aspx. Accessed Jan. 23, 2014.
http://jada.ada.org
March 2014
291